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Sakhalin-1 Helps Japanese Energy Security: Minister of Economy

OIL

Japan depends on Russia’s Sakhalin-1 project for energy security according to Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura.

  • "Japan depends on the Middle East by 90% for oil import and already by 95% at present, and in such conditions the Sakhalin-1 is critical from the standpoint of diversification. It is a very important project in terms of Japan’s energy security and stable supplies" he said.
  • He added that Japan is not at present importing oil from the project which is producing at marginal levels.
  • On October 7, Russian President Vladimir Putin signed the decree establishing the new operator for the Sakhalin-1. Foreign participants in the project should submit notices within a month to the Russian Cabinet about plans to commit to the new ownership setup in a similar fashion to what happened with Sakhalin-2.

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